The property laws within the territory of Senegal are easygoing and strict at the same time. The law of Senegal provides an authority to foreigners, hence they are not discriminated in terms of owning a property in the country. At the same time, 100 percent foreign ownership of business is also permitted in a majority of sectors. A foreigner is given a right to buy a property in Senegal either from an individual or from the Government as well.
The calculated transaction costs in Senegal are high, however the real costs are less. The transaction involving property in the country is separate from legislation, and 30 percent of the total amount becomes a declaration. This means the real costs of the buyer are more reasonable, around 10.2 percent respectively.
The services of a lawyer are required when buying a property from an individual. The lawyer then secures a registry certificate from the Land of Registry in order to coin out the encumbrances and to further confirm the ownership of the property. Once settled, a promissory agreement is signed by both the parties. The Ministry of Finance authorizes the concerned transfer by request made by the parties. After authorization, a proof of sale is issued by the notary and the deed is prepared. The sale is now registered and stamped. The change of name at the Land Registry Book is requested by the notary.
When buying the property from the government, a buyer is required to go to the Agence Nationale Charge de le Promotion de L’investissement et des Grands Travaux (APIX). This is the investment center of the government. The map of the land is prepared stating if the land is private, public or a national domain.
A petition is then addressed to the Ministry of Economics and Finance via APIX. This petition contains the cadastral plan, cost of works, projected work, method of financing, number of jobs expected to be created, etc. Furthermore, the relevant authorities like the General Directorate of Customs and Excise are advised on by APIX.
In case of the private sale, the contract is notarized. If the sale is public, it receives an authorization from the ministry of Economics and Finance.
- Stamp duty is levied at a flat rate of 10 percent.
- Notary fee is levied in accordance with the official notary fee schedule.
- Registration in terms of the Land Registry is levied at the rate of 6 percent of the total property value.
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